Rutgers Business Plan competition awards $50,000 in funding to teams of student and alumni entrepreneurs

Brothers who started out Cyndrom gain top rated prize, system to use winnings to improve action sports apparel business enterprise

NEWARK, N.J., Might 2, 2022 /PRNewswire/ — Brothers Andrew and Joe Strafaci, partners guiding the Cyndrom manufacturer of relaxed put on, won the $20,000 prime prize in the yearly small business system competition at Rutgers Business enterprise College.

Andrew Strafaci, who finished a dual MBA and regulation degree at Rutgers in 2020, made the Cyndrom name and logo whilst he was an undergrad finding out civil engineering at College of New Jersey. The firm now generates about $20,000 in yearly earnings, fueled by product sales of its “Experience On” line of hats, hoodies, and beanies well known amongst skate boarders, snowboarders, and cyclists across the country.

The brothers were 1 of five teams that competed at Rutgers Company School on April 22 for some of the $50,000 prize revenue presented by the Revenue Executive Club of Northern New Jersey Foundation.

Citing the close competition, the decide opted to distribute the prize income among all the members, awarding a $15,000 next prize to MBA students Jason Miller and Matthew McQueeny, co-founders of Significant League Pillows and $10,000 to a crew of Rutgers undergraduates, together with Anna Zhang and Iris Zhorov, who are making the Sensible MS3 machine to assist people enhance the success of their bodily therapy.

The judges awarded $2,500 to Rutgers MBA college student Kathryn Ruhno, whose early-phase start-up Uncooked Paw Existence sells canine food items and treats and yet another $2,500 to Andrew Zambrowski, an alumnus of the Rutgers Business Faculty undergraduate plan who pitched for Monkey Business enterprise. The business gives tiny firms an app to assistance them compete a lot more effectively against established manufacturers.

Each and every of the groups produced shorter pitches, describing their nascent businesses, highlights of their system and the company’s performance, and projections for potential development.

The Profits Govt Club of Northern New Jersey Basis sponsors the company strategy competitiveness each year as a way of encouraging the entrepreneurial ambitions of Rutgers Business Faculty pupils and alumni. The levels of competition is also one particular of the sides of a wide ecosystem at Rutgers that fuels its toughness in entrepreneurship.

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Around the previous 20 decades, Richard Romano, president of the foundation and a member of Rutgers Enterprise School’s board of advisors, has helped make much more than $1 million in funding accessible to student and alumni founders.

“The business enterprise plan competitiveness is substantial in a few of strategies,” claimed Professor Doug Brownstone, who organizes the opposition. “Student business people are in a position to gain funds to get their companies accelerated and the prime five teams also get mentoring.”

“These are whole-time college students or alumni who have work opportunities, and they are also operating on beginning up organizations so it’s exceptionally important,” he mentioned.

The opposition has awarded funding to these kinds of Rutgers pupil-commenced providers as Playa Bowls, Emma’s High quality Products and services, Bibi Beverages, the Turf, Surf and Earth restaurant, Fantastic Daily life Diet and the Zwiren Title Agency.

Like prior winners, Andrew Strafaci intends to use the prize dollars to increase his organization.

Strafaci, who grew up skateboarding along the Jersey Shore, mentioned the funding from the level of competition will make it possible for him and his brother to broaden Cyndrom from a casual clothing line to an energetic put on brand name that presents additional specialized athletics gear like rash guards for surfers and gloves for snowboarders.

“The income will be a catalyst for escalating Cyndrom,” Strafaci claimed. “The dollars also claims Rutgers believes in me. Getting that support is essential for the reason that it’s these kinds of a excellent university.”

Cyndrom at the moment sells its items in a Belmar surf store and a Redbank skate store, and it also can make sales from its website and pop-up outlets at the Jersey Shore. In addition to raising its collection of attire, Stafaci explained he ideas to use the prize funds to maximize marketing. His target is to increase sales to $1 million by 2025.

In addition to Romano, the judges for the 2022 competitors incorporated John Wilson, who also represents the Revenue Executive Club of Northern New Jersey Foundation Sharon Lydon, Rutgers Enterprise School’s associate dean of alumni and corporate engagement and Carolyn Lange, main financial officer of the Group Foundation of New Jersey.

Mayuresh Pandit, a Rutgers MBA alumnus and senior product supervisor at Amazon, assisted Professor Brownstone in mentoring the pupils. He also served to choose the groups.

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Resource Rutgers Company University-Newark and New Brunswick